Jindal Steel may slip to Rs 620-600: Thacker

Jindal Steel & Power may slip to Rs 620-600, says Mitesh Thacker, Technical Analyst.

Thacker told CNBC-TV18, "In JSPL there is a head and shoulder pattern being formed on daily charts, there is a negative pattern distribution and points out to possible declines. I would not be surprise if the stock tests strong support areas of Rs 620 or even Rs 600 and that could be the price target in the short-term. The stop loss would be above Rs 685-686." The company's trailing 12-month (TTM) EPS was at Rs 21.04 per share. (Dec, 2010). The stock's price-to-earnings (P/E) ratio was 30.75. The latest book value of the company is Rs 72.23 per share. At current value, the price-to-book value of the company was 8.96. The dividend yield of the company was 0.19%.